This week’s feature: Filling the “insurance gap”.

This is the first of a series of articles describing the mission and methods of the Global Insurance Portal.

For those of us in the financial services industry, the ever-present business challenge is simply this: how do we help our clients have it all? They need multiple products; they trust us; and they really don’t have the time or inclination to go shopping for a new broker or advisor every time they need to make a new purchase.

Wouldn’t it be nice if they could come to us for everything? Speaking as an insurance broker, I would love to be able to sell my clients every policy they needed. Once you work out the licensing and other compensation requirements, it would be great to develop additional revenue streams. Even if you don’t get paid, simply referring your clients to other professionals adds value to the relationship.

Every client needs a full insurance portfolio.

Most importantly, it enables the client to build the full insurance portfolio they need. Each one of us must have protection from a huge array of hazards: death, disability, accident, sickness, lawsuit, theft, natural disaster, cyber crime… the list goes on and on. And when you realize that many of us have multiple spheres of concern – personal, business, corporate, estate, charitable – you see just how many policies must be purchased.

Tragically, my experience has been that the vast majority of insurance consumers end up under-insured. They don’t know where to go for many of the policies they need. In some cases, they don’t even know that policies exist that they could use. Sometimes, they will buy coverage from a firm that doesn’t specialize in the product, and end up overpaying or buying inadequate benefits. You could read any number of consumer analyses, and come to the same conclusion.

Most consumers do not have a full portfolio.

The net result is that many families, businesses, corporations, and estates remain exposed to huge unsecured liabilities. When disaster strikes, the show grinds to a halt. Legal and financial problems mount. The morale of survivors is sorely tested – and this is true whether the survivors are family members, or corporate stockholders.

My lesson learned from the situation is this: the number one responsibility of everyone in the insurance distribution chain is to fill the insurance gap. This includes re-insurers, through general agencies, to brokers and advisors – along with every consulting firm and special markets product designer in between.

So, the primary mission of the Global Insurance Portal is to fill the “insurance gap.” In subsequent articles, we will discuss principles that guide our effort. These include “It takes a Network”, and “Ensemble team service.”

Our friend and colleague George Bailey runs a radio show that is committed to financial education for children. This is a truly noble mission because nothing is more important than giving the next generation the proper values and mindset for financial success.

George was kind enough to interview me recently. We talked about my own childhood and career, and the message I would like to send to upcoming consumers of financial products. He conducted a very professional interview, and we both enjoyed it immensely. I think you will too. Here’s the link:

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